The first official Formula 1® non-fungible token (NFT) collectible has gone on auction through F1DeltaTime, the Animoca Brands‘ Ethereum blockchain-based racing game consisting of collecting unique cars, drivers and components and taking part in competitive racing play experiences.
Why 1-1-1? 🏁
The FIRST official Formula 1® NFT
The FIRST F1® Delta Time auction item
The only ONE of its kind
🥇 This car is built to conquer with performance indices above the maximum levels. It has speed, acceleration, and grip like no other! pic.twitter.com/PVJVAhqQ5p
— F1® Delta Time (@F1DeltaTime) May 25, 2019
Named 1-1-1 – to signify the first Formula 1 NFT, the first F1 DeltaTime car auction and the only one of its kind – the token is being billed as a digital milestone in sport.
Digital assets such as NFTs are deemed collectible because of their rarity and are independently guaranteed, verified and secured on the blockchain. Owners have the option to simply collect them, use them in game play or sell them on through a marketplace. This can be an extremely volatile market but examples of the most infamous NFTs, CryptoKitties, have reached prices of over $100,000 in the secondary market.
DeltaTime’s 1-1-1 NFT appeals in terms of rarity for, as well as being one of its kind, is said to be of “a sleek aerodynamic design of black composite, rose gold plating, and swathes of glittering diamond crust” with “performance indices above the maximum levels of delivering unmatched speed, acceleration, and grip.”
To purchase the item, interested parties must bid using Wrapped Ethereum (WETH) – which is used in preference to Ethereum (ETH) as it facilitates easier trades in ERC compatible tokens across decentralised platforms. WETH is currently trading at over $230 per token and is available on a number of exchanges including Kyber Network, DDEX and Radar Relay.
At the time of publishing this article, there have been 23 bids with the leading contender pledging 37.5 WETH, currently valued at around $9,600. The auction is scheduled to end on 27 May at 7:42pm BST.